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City of San Leandro <br />Meeting Date: June 19, 2017 <br />Staff Report <br />Agenda Section:File Number:17-299 CONSENT CALENDAR <br />Agenda Number:8.G. <br />TO:City Council <br />FROM:Chris Zapata <br />City Manager <br />BY:David Baum <br />Finance Director <br />FINANCE REVIEW:David Baum <br />Finance Director <br />TITLE:Staff Report for Resolution Approving the City of San Leandro’s Investment <br />Policy for Fiscal Year 2017-18 <br />SUMMARY AND RECOMMENDATION <br />Staff recommends City Council approval of the City of San Leandro Investment Policy for <br />fiscal year 2017-18. The policy is approved annually and there are three proposed updates <br />for the policy for 2017-18. <br />BACKGROUND AND PROPOSED UPDATES <br />California Government Code Section 53600 et seq. and Section VIII “Reporting” of the San <br />Leandro Investment Policy requires the City Council to annually review and approve the City’s <br />Investment Policy. This policy was last adopted on June 20, 2016. <br />The City of San Leandro Investment Policy (Investment Policy) provides specific guidelines for <br />the City’s investment management functions and remains in compliance with the model policy <br />approved by the Association of Public Treasurers of the United States and Canada and <br />California Government Code Section 53601. The Investment Policy serves as a guide for <br />setting and achieving investment objectives, defines rules and established benchmarks, <br />prohibits and/or restricts investment instruments and reduces exposure to liability of both staff <br />and Council. Compliance with the policy is an element of fiscal discipline considered by the <br />auditors and rating agencies during their respective reviews. <br />Staff has reviewed the current policy and has three recommended updates for 2017-18. The <br />policy update allows for investments in Mutual Funds and Money Market Mutual Funds, <br />consistent with California Government Code. Appendix A has also been updated to include <br />specific language to the Mutual Funds and Money Market Mutual Funds. The Reporting <br />section stipulates City Council will review and approve all investment policy changes. The <br />following are the specific changes to the policy: <br />1. Mutual Funds and Money Market Mutual Funds that are registered with the Securities and <br />Page 1 City of San Leandro Printed on 6/13/2017 <br />163